Toncoin (TON) has stood out as a major player in the cryptocurrency market, surging nearly 9% on August 19. This notable increase contrasts with the market, which saw a 3% decline during the same period.
The increase in Toncoin’s value is attributed to a breakout of the bump and run (BARR) trend reversal pattern, suggesting a potential long-term uptrend.
Over the weeks, Toncoin has closely followed the BARR pattern. This pattern usually begins with an introductory phase characterized by a decline followed by a bump, a slowdown, and finally the run phase, where the asset bounces and breaks out of key resistance levels.
On August 18, Toncoin entered the run phase and confirmed the breakout by making a move above the downtrend line that previously limited its recovery.
The breakout was supported by increased trading volume, indicating momentum behind this move. Currently trading above its 50-day and 200-day exponential moving averages (EMAs), both of which are trending upwards, Toncoin is showing signs of sentiment.
If Toncoin continues its momentum, it could potentially target $9.50 by September, a 40% increase from its current price level.
Recent price movements of Toncoin and the BARR pattern indicate a reversal pattern called an inverse head and shoulders (IH&S) pattern. This pattern consists of three lows, with the middle being the lowest, below a resistance level called a neckline.
Typically, this pattern resolves when price breaks above the neckline and increases some distance from the neckline point to the deepest part of the pattern.
Applied to the TON/USDT chart, this analysis suggests a target price of around $10 by September, in line with the BARR model.
The positive outlook is reinforced by developments such as the launch of TON Ventures, a $40 million fund that backs early-stage projects on the TON blockchain, and the integration of Injectives with TON.
Toncoin’s recent surge is supported not only by indicators, but also by fundamental information indicating potential further growth in the coming weeks. With a target range of $9.50 to $10 by September, Toncoin seems poised to continue its trajectory despite broader market trends.
Also read: Exploring the open network “TON Chain” and the power of TONcoin
